Average retired Chicago firefighter, cop gets pension worth more than $1 million, group says

Crain's Chicago Business reports:

The average Chicago fire fighter who retired last year with at least 20 years of experience will receive a pension worth more than $1.3 million — not counting health care.

And the typical police officer retiring with the same experience trails narrowly at "only" $1.2 million.

So says Chicago's Civic Committee, which in an e-mail Friday morning released results of what it says is a study based on government records it recently obtained under a Freedom of Information Act request.

According to the business group, the fact that sworn personnel can retire at age 50 with full benefits after just 20 years on the job gives them rights to pensions that far exceed what someone in the private sector would get after a similar period.

Of the 67 firefighters who retired last year after at least 20 years working — holding ranks from commissioner to firefighter and paramedic — almost all will be entitled to a pension of at least $5,000 a month, the group said.

Just a reminder when Chicago goes heads towards bankruptcy in the next decade.